The Effect of Excise Issues, Macroeconomic, and Financial Performance on Stock Returns in the Plastic and Packaging Sub Sectors

This study aims to analyze the effect of excise issues on stock returns in the plastic and packaging sub-sectors from 2012 to 2019. The method used in this research is descriptive analysis and panel data regression with one macroeconomic variable, nine financial performance variables, and one dummy variable. This research was conducted in 10 plastic and packaging sub sector companies listed on the Indonesia Stock Exchange (IDX). The joint test results shown that inflation, Cash Ratio, Current Ratio, DAR, DER, ROA, ROE, NPM, TATO, FATO, and excise issues affect the stock returns of the plastic and packaging sub-sector. Partially, the excise issue has a negative effect on stock returns. Stock returns in the plastic and packaging sub-sectors are also more influenced by inflation, DER, ROE, and NPM. The Cash Ratio, Current Ratio, DAR, ROA, TATO, and FATO variables have no effect on the plastic and packaging sub sector stock returns.